UK consumer confidence stalls - GfK

21st Mar 2024 11:18

(Sharecast News) - UK consumer confidence stalled in March, a long-running survey showed on Friday.

The latest consumer confidence index from GfK was -21, unchanged on February, when it fell two points. It is, however, an improvement on March 2023, when the index was -36.

Within that, expectations for personal finances over the next 12 months rose two points from 0 in February.

The forward-looking economic situation measure was also higher, albeit by just one point, at -23.

In contrast, the major purchase index shed two points to -27.

Joe Staton, client strategy director at GfK, said: "Consumer confidence stalled in March.

"The improved personal finance measure is encouraging, because it's the first positive and the highest score since December 2021.

"But is there a note of worry this month? Look back to last year and it's clear the improvements in consumer confidence seem most months since January 2023 have vanished.

"Are we temporarily on pause, or are consumers about to press reverse? In the run-up to the general election, these are important questions for the future health of the economy."

A total of 2007 individuals aged 16 and over were surveyed between 1 and 15 March.